At the start of the year, the International monetary fund (IMF) projected that global inflation rates would go up. Although predicted to be worse in developing countries, advanced nations were however not to be spared by this. The IMF predicted that inflation would rise by 8.7% in developing countries, while developed countries would see a rise of about 5.7%. First, it was the inevitable slow but steady recovery from the effects of the global pandemic, but as the economies of the world were still lacing their shoes, another tragedy struck – the invasion of Ukraine by its neighbor Russia. This event set things yet again on a downward slide, causing the IMF to further review its earlier projections and a further 1.8% was considered for developed countries.
This effect on the global supply chain which has been strained over the years is also telling on the Canadian economy. From food prices to gas and housing, Canadians are finding it more difficult to keep up with their daily and monthly expenditures. In fact, a recent survey showed that 53% of Canadians admitted to not being able to keep up. As sanctions are being placed by the west on the Russian oil demand, gas prices are beginning to hit an all-time high. Never had it been conceived that gas prices would go up as high as $2.09 in Greater Ontario. However, this is now the reality of the residents. Other regions and provinces have even recorded higher prices for gas. In Montreal for instance, gas sells for $2.15, while in Vancouver it goes for $2.34.
Commodities Affected
A forecast done by the Canadian Food Price Report in 2022 shows the following increase in household daily purchases:
- Bakery products 5-7%
- Vegetables 5-7%
- Meat 0-2%
- Dairy products 6-8%
- Fruits 3-5%
- Restaurant 6-8%
- Sea-foods 0-2%
- Others 2-4%
Is The Cost Of Living The Same Everywhere?
There are variations to these increases and these vary depending on where you live. Larger cities like Vancouver will cost more than places like New Brunswick. A summary of average living cost in some Canadian provinces have revealed the following:
Vancouver
A monthly transit pass cost an average of $100.25
A pint of beer will cost $4.32
Monthly internet service $86
A loaf of bread is $3.40
Dinner for two $80
Calgary, Alberta
A monthly transit pass cost an average of $109
A pint of beer will cost $3.65
Monthly internet service $89
A loaf of bread is $2.44
Dinner for two $80
Saskatchewan
A monthly transit pass cost an average of $88
A pint of beer will cost $3.68
Monthly internet service $73.16
A loaf of bread $2.83
Dinner for two $80
Winnipeg, Manitoba
A monthly transit pass cost an average of $104
A pint of beer will cost $3.51
Monthly internet service $87.59
A loaf of bread is $2.39
Dinner for two $65
Toronto
A monthly transit pass cost an average of $156
A pint of beer will cost $3.19
Monthly internet service $73.20
A loaf of bread is $2.92
Dinner for two $80
Hamilton, Ontario
A monthly transit pass cost an average of $112.20
A pint of beer will cost $2.45
Monthly internet service $63
A loaf of bread is $2.86
Dinner for two $75
Ottawa, Ontario
A monthly transit pass cost an average of $122
A pint of beer will cost $2.80
Monthly internet service $76
A loaf of bread is $2.94
Dinner for two $80
Halifax in Nova Scotia
A monthly transit pass cost an average of $82
A pint of beer will cost $4
Monthly internet service $95
A loaf of bread is $2.90
Dinner for two $75
New Brunswick
A monthly transit pass cost an average of $68
A pint of beer will cost $3.27
Monthly internet service $85
A loaf of bread is $3.51
Dinner for two $80
